# Children's Hospital of Philadelphia

Children's Hospital of Philadelphia is a Pension Fund based in Philadelphia, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Philadelphia, United States
- **Region:** North America
- **Address:** Philadelphia, PA, United States
- **Founded:** 2002
- **Assets under management:** Undisclosed
- **Website:** www.chop.edu

## Regulatory record

- **Reports private funds:** No

## About

The Children's Hospital of Philadelphia (CHOP) Master Trust was formed in 2002 to manage retirement plan assets for the staff of the nation's oldest pediatric hospital, itself founded in 1855. CHOP is structurally intertwined with the University of Pennsylvania through the Perelman School of Medicine, sharing faculty, research programs, and clinical operations — a relationship that anchors its institutional identity. The board is led by Gregory Davis, who runs investment policy at Vanguard as the firm's President and Chief Investment Officer. The Trust operates independently of CHOP's philanthropic foundation, the Children's Hospital of Philadelphia Foundation, which manages a separate pool of charitable assets. Geographically, the Trust's scope is consistent with a US-focused portfolio, though its broad mandate does not explicitly limit investments to North America. The Trust's scale is difficult to quantify: it does not publicly disclose assets under management, and its headcount is not separately reported from the larger CHOP financial administration. CHOP itself posted over $4.5 billion in operating revenue in fiscal 2024, per its own financial statements, and its affiliated foundation has an asset base of several hundred million dollars — but no direct read-across to the Master Trust's investment pool is possible. CHOP maintains a physical footprint beyond its main Philadelphia campus, including the Middleman Family Pavilion in King of Prussia, New Jersey property holdings, and the Roberts Center for Pediatric Research. The Corporate Council connects CHOP to regional financial institutions including Bank of America, FS Investments, and Independence Blue Cross. The Trust's structural distinction lies in its governance: it is guided by a board chair who simultaneously serves as the top investment executive at one of the world's largest asset managers. This creates an unusual alignment of fiduciary best practices and institutional investment knowledge at the oversight level, even if the day-to-day investment function is executed by a smaller internal or outsourced team.

## Sectors

- Digital Health
- Healthcare Services

## People

- Gregory Davis — Chair of the Board of Trustees

## Questions

### How does CHOP source proprietary deal flow for its endowment?

CHOP relies on a network of external investment managers and consultants for its endowment, focusing on fund commitments rather than direct deals. The hospital also receives philanthropic contributions through its foundation, which funds specific research initiatives.

### Does CHOP participate in fund commitments or only direct investments?

CHOP's endowment primarily participates in fund commitments to external managers across asset classes such as public equities, fixed income, and alternatives. Direct investments are rare and limited to real estate or strategic partnerships.

### How is CHOP related to the University of Pennsylvania?

CHOP has a close affiliation with the University of Pennsylvania's Perelman School of Medicine, with shared faculty and research collaborations, but the hospital is an independent nonprofit with separate governance and financial reporting.

## Related profiles

- [Ann and Robert H. Lurie Foundation](https://altss.com/profile/ann-and-robert-h-lurie-foundation)
- [Fine Family Foundation](https://altss.com/profile/fine-family-foundation)

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Last updated: 2026-08-11T02:43:31.692Z

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